Red Rock Australasia, a joint venture between Power Metal Resources PLC (LON:POW) and Red Rock Resources PLC (LON:RRR) has received historical reports and targeting assessments of its 11 licence applications in Australia.
These are now being used to inform the preparation of the NI 43-101 report and develop exploration programmes.
In particular, the joint venture has made progress on the Blue Whale project and the Blue Chip project.
"The work undertaken thus far has materially advanced our knowledge base and that is being fed into our exploration planning and I look forward to reporting further developments to the market in due course," Power Metals chief executive Paul Johnson said in a statement.
Red Rock’s chairman Andrew Bell added: “A number of exploration targets, including some for conventional Ballarat East and Ballarat West style mineralisation, exist within the tenements, which lie adjacent to the Ballarat gold mine operated by Liongold Corporation. Among these are some sufficiently advanced that they have already been identified as early targets for drilling.”
Red Rock Australasia has applied for a number of tenements in the Central Victoria Goldfield, the site of one of the greatest gold rushes in history from the early 1850s, where mining continued sporadically until the early twentieth century, and where a series of recent discoveries has resulted in a renewed focus on the gold potential.
The joint venture company has commissioned and received historical reports and targeting assessments of its 11 licence applications, which are being used to inform the preparation of the NI 43-101 report and develop exploration programmes.